Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported fourth quarter and full-year 2019 results.
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|
4Q18 1 |
3Q19 |
4Q19 |
FY181 |
FY19 |
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|
Revenue |
$3,344 |
$2,567 |
$2,436 |
$13,403 |
$10,433 |
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|
Net income (loss) attributable to Alcoa Corporation |
$51 |
$(221) |
$(303) |
$250 |
$(1,125) |
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Earnings (loss) per share attributable to Alcoa Corporation |
$0.27 |
$(1.19) |
$(1.63) |
$1.33 |
$(6.07) |
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|
Adjusted net income (loss) |
$133 |
$(82) |
$(57) |
$698 |
$(184) |
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|
Adjusted earnings (loss) per share |
$0.70 |
$(0.44) |
$(0.31) |
$3.70 |
$(0.99) |
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|
Adjusted EBITDA excluding special items |
$770 |
$388 |
$346 |
$3,129 |
$1,656 |
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1 |
As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from last-in, first-out (LIFO) to average cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Exhibit 99.2 to the Company’s Form 8-K filed with the Securities and Exchange Commission (SEC) on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information. |
“In 2019, we acted to further strengthen Alcoa, completing the divestiture of uncompetitive assets, modernizing labor agreements in three countries, implementing a new operating model, and making quick progress on the asset review process we announced last quarter,” said Alcoa President and Chief Executive Officer Roy Harvey.
“While the market in alumina and aluminum challenged us, we maintained a strong cash balance of nearly $900 million and drove operational stability,” Harvey said. “Also, our low-cost, top-tier bauxite and alumina segments both set new annual production records based on our current portfolio.”
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SOURCE: Alcoa
